I'm going to aquire a piece of propety in my name soon. So I want to put it on my credit report in order to improve my credit score.
2006-12-13 05:47:23 · 6 answers · asked by jam d 1 in Business & Finance ➔ Renting & Real Estate
the only way i know that it would be added to credit report is if you have it under loan. purchase it under loan then pay it off over a short period. keep it open for a while it will take several months to increase credit score from the purchase point.
2006-12-13 05:52:48 · answer #1 · answered by tony 1 · 0⤊ 0⤋
If you are financing it, it will show up on your credit report, guaranteed.
If you are somehow getting this property free and clear, find a local bank to give you a no closing cost line of credit against it, then never use the line of credit. It will look good to have a large revolving account with little to no balance against it sitting there on your report.
Assets are not a factor in credit scoring. If you max out a credit card, it doesn't matter if you have a million bucks in the bank waiting to pay it off, unless you do pay it off right away.
Income is also not a factor. Doesn't matter if you make $10K per year or $1 million. It's all how the accounts reported are actually used
2006-12-13 14:14:16 · answer #2 · answered by Anonymous · 1⤊ 0⤋
The corrrect answer is that...sadly, credit reporting agencies don't take into account the assets that you own!
It's hard to believe but it is true. You could own a million dollars in investment properties and another million dollars in stocks and bonds, and the credit reporting agencies never notice it and really don't care to notice it. What a shame!
These credit agencies base their score on your past use of credit and your present income from your job. So, in theory, you could retire at age 50 with millions of dollars of both long term and short term assets, and your credit score will actually go DOWN because you are not "earning a living" as they think you should (aka: working for the man).
2006-12-14 19:04:05 · answer #3 · answered by nickdc1960 7 · 0⤊ 0⤋
Credit reports aren't for showing assets, they are for showing libilities and payments. Unless you are going to have a lien on the property from a lender, it will not appear on your credit report and there is no way to get it on there, and no reason to have it on there.
2006-12-13 14:50:22 · answer #4 · answered by KL 5 · 0⤊ 0⤋
If you finance the asset it will show up on your credit report. Also, if you own it free and clear, and put an equity line on it, this may accomplish your goal.
Good luck,
Kevin
http://www.KevinScolastico.com
2006-12-13 14:34:43 · answer #5 · answered by kevin s 2 · 0⤊ 0⤋
Obtain a mortgage from somebody like me!
2006-12-13 13:57:42 · answer #6 · answered by ondreforsure 3 · 0⤊ 0⤋